After waiting years to raise his first outside dollar for his startup, Michael Hennessy was looking to take on more in October when the headlines started pouring in that tech companies going public weren’t faring well on Wall Street. “Valuations are plummeting and reality is setting back in,” Hennessy remembers thinking.

Hennessy’s company SmashFly had made it from 2007 to 2014 before seeking any venture dollars. But the same competitive job market that made his business, which makes marketing software for recruiters, so important for hire-hungry companies also meant that SmashFly would need to write some major checks if it wanted to build out its own team, too—up to quadrupling its sales team over the upcoming year, while hiring more engineers. So Hennessy began meeting with half a dozen venture capital firms about adding to the $9 million he’d raised in June 2014.

Bob Goodman says he doesn’t pay much attention to the market. Innovation occurs in good cycles and bad cycles, the longtime Bessemer Venture Partners investor believes. Quarterly VC trends—even ones that suggest that activity began dramatically dropping off in the fourth quarter of last year—don’t change how he looks at startups, he says. But at the same time, Goodman, who led the firm’s investment in Blue Apron and works with mostly mobile and enterprise software companies, hadn’t made a single investment in 2015. “We found valuations to be very high last year,” he says.

When a SmashFly board member with startup success, former Sumo Logic CEO Vance Loiselle, introduced Goodman to Hennessy, a quick alliance formed. Bessemer would lead SmashFly’s new $22 million Series B funding round announced on Tuesday. It’s the firm’s third investment announced in the first two weeks of January, joining a $30 million raise for restaurant software company Toast and a $50 million one for business analytics company Sisense. And, along with Sisense, it’s Goodman’s second major investment in days after holding his chips for most of the year.

All three companies have proven there’s a large market for their products, Goodman says, and now need to focus on sales. “We think they can all be independent multi-billion dollar companies and category leaders,” he claims. These aren’t unknown quantities to Bessemer, either: Toast was incubated out of its offices; Sisense had been in touch for more than four years under two previous CEOs until new CEO Amir Orad, a former Bessemer entrepreneur-in-residence, guided it to a stronger go-to market approach.

But all three also represent the type of venture deal that startup founders can anticipate will happen more in the current investment climate. While later-stage, highly-funded companies like Lyft and Uber have proven they can raise additional billions at ever-higher valuations, the bulk of deal flow may now favor quieter, solid if unsexy companies like SmashFly, Sisense and Toast. At SmashFly, Hennessy says he’s happy to raise the money he needed at a valuation closer to his revenue that what others may have gotten in early 2015. Goodman says that in absolute terms, the valuations Bessemer offered all three companies were “still high in some respects.” (And they all actually closed in December, a caution for the arguments that Q4 saw less investment. Many deals get announced in January, Goodman admits, when press releases aren’t competing for attention with a holiday beach.)

All three investments were also made at valuations, however, that Goodman says were more “reasonable.” For startups looking to raise their own next rounds of funding over the course of 2016, that firm priority will likely not be unique to Bessmer.

Goodman says it’s never so simple as to assume that venture firms will keep writing checks at a faster pace when valuations are clipped. “We don’t wake up and say, ‘Ha! In 2016, we will double down.’”